Crypto Investors Moving to Hardware Wallets Following FTX Collapse

Hardware wallets are becoming increasingly popular as a secure and user-friendly way to store digital currencies.

In the wake of the collapse of FTX, cryptocurrency users are beginning to explore the use of hardware wallets to store and protect their crypto funds. The rising popularity of decentralized finance (DeFi) applications is making hardware wallets increasingly attractive for users who are looking for a more secure and user-friendly solution than traditional custodial wallets.

In addition, the recent surge in the price of Bitcoin has created a new wave of investors who are looking to get into the market. Many of these new investors are choosing to invest in hardware wallets as a way to secure their funds. This is because hardware wallets provide a secure way to store their funds, and they are also easier to use than some of the more complex software wallets.

IMARC Group posted an analysis article back in 2021 predicting that the market is expected to reach a value of US$ 1,148.50 Million by 2027 exhibiting a growth rate (CAGR) of 27.20% during 2022-2027. Given that they couldn’t have predicted the FTX drama, no one will be surprised to see if the numbers are doubled or tripled.

A hardware wallet is a device that stores digital currencies, typically offline. It provides a way to store private keys offline, away from the internet and potential cybercrime. The hardware wallet is also typically connected to a computer, allowing users to easily and securely interact with their digital assets.

Hardware wallets are available from several different companies such as Ledger and MetaMask. Ledger offers a range of different hardware wallets, from the entry-level Nano S to the more advanced Ledger Nano X. Meanwhile, MetaMask provides a bridge between traditional web browsers and decentralized applications, allowing users to store and interact with Ethereum-based tokens and decentralized applications.

However, following the recent events in the space, SafePal can be a good choice for a cryptocurrency wallet to secure, manage, and grow your crypto assets. Following the FTX collapse, the Wallet tokens saw a price surge.

The hardware wallet offers such features as backup, restore, and anti-tampering that help users to have control over their funds.

So far, the statistics appear to suggest that the popularity of hardware wallets has been significantly affected by the FTX incident. According to a Similar Web blog post, there are two key takeaways:

Daily visits to the website of Ledger, one of the leading makers of hardware wallets (which can also function as cold wallets), have tripled in the days following FTX’s adverse publicity, freezing of withdrawals, and subsequent bankruptcy filing.
Over the past month, search activity related to crypto wallets in general, and hardware / cold wallets, in particular, has increased dramatically (see charts below).

Overall, hardware wallets are becoming increasingly popular as a secure and user-friendly way to store digital currencies. As the crypto space continues to expand, hardware wallets are becoming an increasingly attractive option for users looking for a secure and user-friendly way to store and interact with their digital assets.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.